President Bola Tinubu has presented the sum of N49.7 trillion as the proposed budget for 2025 to the national assembly.
Tinubu walked into the green chamber at exactly 12:14pm to present the budget titled “Budget of Restoration: Securing Peace and Rebuilding Prosperity”.
The president presented the 2025 appropriation bill before the joint sitting of the senate and house of representatives.
Senate President Godswill Akpabio, Tajudeen Abbas, speaker of the house of representatives; and members of both chambers were seated before the president entered the chamber.
The legislators all rose to welcome the president and Kashim Shettima, the vice-president, into the chamber.
Tinubu said the proposed budget reinforces his administration’s roadmap to secure peace, prosperity, and hope for a greater future for Nigeria.
“This budget christened, “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” strikes at the very core of our Renewed Hope Agenda and demonstrates our commitment to stabilizing the economy, improving lives, and repositioning our country for greater performance,” Tinubu said
On Monday, the federal executive council (FEC) approved the N47.96 trillion proposed for the 2025 budget.
Atiku Bagudu, the minister of budget and economic planning, said the 2025 budget represents a 36.8 percent increase from the N27.9 trillion 2024 estimate.
Nkeiruka Onyejeocha, minister of state for Labour; Abdullahi Ganduje, chairman of the All Progressives Congress (APC), Dapo Abiodun, governor of Ogun state, and Hope Uzodimma, governor of Imo; George Akume, secretary to the government of the federation; Kayode Egbetekun, inspector-general of police, are also present at the chamber.
In November, both chambers approved the 2025-2027 medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP) of the federal government.
The parliament passed the oil benchmark prices of $75, $76.2, and $75.3 for the daily crude oil production of 2.06 million, 2.10 million, and 2.35 million for the 2025-2027 fiscal years respectively.
Also, the national assembly maintained the gross domestic product (GDP) growth rate projected at 4.6 percent, 4.4 percent, and 5.5 percent for the three years in the fiscal strategy paper.
The lawmakers endorsed the projected exchange rate of N1,400/$ but said it is subject to review in early 2025 according to monetary and fiscal policies.
